Singapore court reportedly appoints KPMG to manage Radiant World
MFG•A Singapore court reportedly ordered iron ore trader Radiant World to be placed under KPMG’s interim management in a case brought by Mizuho’s local unit.
1. Court appoints interim managers
A Singapore court on Thursday appointed KPMG restructuring executives as interim judicial managers of Radiant World Corporation Pte, the trader’s main operating unit in Singapore. Radiant World has said it is not insolvent and that appointing judicial managers would not be in creditors’ best interests.
2. Dispute over credit
Mizuho Bank provided Radiant World about $100 million in credit in June, secured by invoices that a counterparty later said were invalid; Radiant World denies concerns that invoices provided to its banks were invalid. Mizuho filed a case against the company in Singapore’s Supreme Court in August.
3. Other legal actions
A fund linked to Jefferies has obtained freezing orders against Radiant World and its founder, Pinkesh Nahar, in the UK, Hong Kong and Singapore. Singapore police said last month they were investigating the company after receiving reports about it.
